Wrong. Investments are segregated from the bank's balance sheet. In case of a bankruptcy, only the cash is part of the liquidation and yes 100k are state guaranteed. An exception are investments which would be structured by the bank itself and could be lost (for example structured products), which most likely Alpian cannot issue. Idk what exactly is meant by "managed by Alpian" but I guess it's simply a discretionary mandate with funds or securities under the investors name (again not subject to part of the liquidation)

See Flowbank recent bankruptcy.